The bank is seeking shareholders approval to boost foreign ownership to 20 percent from 5 percent, the Dubai government-controlled lender said in a statement. It also plans to raise capital by 7.35 billion dirhams ($2 billion) from an issue of new shares at no less than a 10 percent discount to the market price.

Emirates NBD is preparing to submit a bid for Sberbank’s wholly-owned Turkish unit in March, people with knowledge of the matter said last month. A deal for Sberbank’s 99.9 percent holding could be valued at as much as $4.12 billion, according to Bloomberg calculations.

Emirates NBD currently has total equity of 59.4 billion dirhams. It will seek shareholders approval for the plans at a general meeting on March 27.

The shares surged 12.5 percent, the most in more than three years, to 9.90 dirhams at 10:42 a.m. in Dubai. More than 8.5 million shares were traded, about eight times the 3-month daily average, according to data compiled by Bloomberg.